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首页> 外文期刊>Journal of Economic Dynamics and Control >Income distribution, credit and fiscal policies in an agent-based Keynesian model
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Income distribution, credit and fiscal policies in an agent-based Keynesian model

机译：基于代理的凯恩斯模型中的收入分配，信贷和财政政策

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摘要

This work studies the relations between income distribution and monetary/fiscal policies using an credit-augmented version of the agent-based Keynesian model in Dosi et al. (2010). We model a banking sector and a monetary authority setting interest rates and credit lending conditions in a framework combining Keynesian mechanisms of demand generation, a Schumpeterian innovation-fueled process of growth and Minskian credit dynamics. We show that the model is able to account for a rich ensemble of empirical features underlying current and past recessions, including the impact of financial factors on the real economy, and the role in that of income distribution. We find that more unequal economies are exposed to more severe business cycles fluctuations, higher unemployment rates, and higher probability of crises. From a policy perspective, the model suggests that fiscal policies dampen business cycles, reduce unemployment and the likelihood of experiencing a huge crisis and, in some circumstances, also affect long-term growth. Furthermore, the more income distribution is skewed toward profits, the greater the effects of fiscal policies. Interest rates have instead a strong non-linear effect on macroeconomic dynamics. Tuning the interest rate when it is below a given threshold has no detectable effects. Conversely, increasing the interest rate when it is above that threshold yields lower and more volatile output growth, higher unemployment rates, and higher likelihood of crises.
机译：这项工作使用Dosi等人的基于代理商的凯恩斯模型的信用增强版研究了收入分配与货币/财政政策之间的关系。 （2010）。我们在结合凯恩斯需求产生机制，熊彼特式创新推动的增长过程和明斯基信贷动态的框架下，为设置利率和信贷条件的银行部门和金融机构建模。我们表明，该模型能够说明当前和过去衰退背后的丰富经验特征集合，包括金融因素对实体经济的影响以及在收入分配中的作用。我们发现，更多的不平等经济体会面临更严重的商业周期波动，更高的失业率和更高的危机发生率。从政策的角度来看，该模型表明，财政政策可以抑制商业周期，减少失业和发生严重危机的可能性，并且在某些情况下还影响长期增长。此外，收入分配越倾向于利润，财政政策的效果就越大。相反，利率对宏观经济动态具有强烈的非线性影响。当利率低于给定阈值时调整利率没有可察觉的影响。相反，当利率高于该阈值时提高利率会导致产出增长降低和波动更大，失业率上升以及发生危机的可能性更高。

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